Pune, India, May 27, 2021 (GLOBE NEWSWIRE) -- The global eyewear market is set to gain traction from the introduction of 3D printing. Such innovations have enabled easy and quick customization of eyeglasses. Stratasys, for instance, unveiled a multi-material 3-D printer in March 2020 that can print personalized sunglasses and spectacles. A report by Fortune Business Insights™, titled, “Eyewear Market, 2021-2028” states that the market size was USD 105.56 billion in 2020. It is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the forecast period.
COVID-19 Pandemic: Postponement or Cancellation of Non-essential Eye Exams to Hinder Growth
The outbreak of the COVID-19 pandemic has severely impacted the sales of prescription eyeglasses, sunglasses, contact lenses and other eyewear products. Regulatory bodies across the globe have put forward stringent norms, such as social distancing and lockdown, which, in turn, has led to the temporary closure of retail stores and ophthalmic clinics. Also, non-essential eye examination appointments were either cancelled or postponed because of this. As per Johnson and Johnson Services, Inc., in 2020, it experienced a decline of 11.7% in sales in terms of the vision care business segment.
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High Demand for Sportswear Sunglasses to Accelerate Growth
The demand for sunglasses and other related eyeglass products is expected to surge rapidly in the near future because of the increasing awareness of the harmful effects of UVB and UVA rays on one’s vision. Besides, the rising acceptance of sportswear sunglasses among the general population in developed nations is anticipated to propel the eyewear market growth in the upcoming years. At the same time, to correct vision, people are majorly inkling towards prescription sunglasses. However, the declining demand for luxury sunglasses, especially in emerging economies, such as Brazil and India may obstruct growth.
Increasing Demand for Premium Eye Care Products to Help North America Dominate
In 2020, North America held USD 30.87 billion in terms of revenue. It is expected to remain at the forefront backed by the rising demand for premium eyewear products and the acceptance of vision care products. In Europe, developed countries, such as the U.K., France, and Germany are experiencing high demand for fashionable frames and spectacles. Asia Pacific, on the other hand, is anticipated to grow considerably owing to the rising incidence of ocular diseases and the increasing population.
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Spectacles Segment Earned 79.0% Share in 2020: Fortune Business Insights™
Based on the distribution channel, the market is classified into retail stores, online stores, and ophthalmic clinics. By the product type, it is trifurcated into spectacles, sunglasses, and contact lenses. Amongst these, the spectacles segment generated 79.0% in terms of the eyewear market share in 2020. It is set to remain in the dominant position on account of the higher prevalence of hypermetropia and myopia.
Report Coverage
The research report is based on growth drivers, restraints, trends, and challenges that will help companies get a complete picture of the future status of this industry of eye wear. It contains the names of renowned companies and vital strategies adopted by them to earn high revenue. These strategies include investments in research and development, mergers and acquisitions, contracts, collaborations, new product launches, and others. The data delivered in the report is taken by conducting primary and secondary research.
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Key Players Focus on New Product Development and Acquisitions to Gain More Shares
The market is fragmented with the presence of both international and local companies. Most of them are focusing on acquiring local businesses to gain a competitive edge. A few others are aiming to launch novel products to enhance their product portfolios of eyewear. Below are the two latest industry developments:
- August 2020: Bausch + Lomb unveiled its latest silicone hydrogel (SiHy) daily disposable contact lens named Bausch + Lomb INFUSE™. It is equipped with ProBalance Technology™ for reducing symptoms of dryness and helping ocular surface homeostasis.
- December 2020: Óptica & Audiología Universitaria’s around 80% shares were acquired by Fielmann AG to expand its footprint in the European market. It would also help the company to strengthen its position.
A list of prominent eyewear manufacturers present in the global market:
- Alcon (Part of Novartis AG) (Switzerland)
- Essilor Luxottica (France)
- CooperVision (U.S)
- Johnson & Johnson Services, Inc. (U.S)
- Bausch Health Companies Inc. (U.S)
- Carl Zeiss (Germany)
- Fielmann AG (Germany)
- Safilo Group S.p.A (Italy)
- Other Prominent Players
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Table of content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Introduction of New Products / Approvals (by Major Players)
- Epidemiology of Ocular Disease - For Key Countries
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Snapshot: U.S. Reading Glasses Market
- Key Trends in the Eyewear Market
- Impact of COVID-19 on the Global Market
- Global Eyewear Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact Lens
- Toric
- Multifocal
- Sphere
- Spectacles
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Eyewear Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact Lens
- Toric
- Multifocal
- Sphere
- Spectacles
- Market Analysis – By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
- Market Analysis – By Country
- U.S.
- By Product Type
- Canada
- By Product Type
- U.S.
- Europe Eyewear Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact Lens
- Toric
- Multifocal
- Sphere
- Spectacles
- Market Analysis – By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
- Market Analysis – By Country/Sub-region
- U.K.
- By Product Type
- Germany
- By Product Type
- France
- By Product Type
- Spain
- By Product Type
- Italy
- By Product Type
- Scandinavia
- By Product Type
- Rest of Europe
- By Product Type
- U.K.
- Asia Pacific Eyewear Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact Lens
- Toric
- Multifocal
- Sphere
- Spectacles
TOC Continued….!!!!!
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